St. Paul daily globe., 1887-10-02

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The market is quiet, though property
is held firmly at past prices. The de-
mand for well located inside business
property is very fair and investments
are very steadily and quietly being
made to some extent, although the vol
ume of trade is not yet up to what it
was last spring.
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A good deal of attention is being
called to the subject of public parks al d
pleasure grounds for the people, and
all classes of citizens are quite fayora
BILE TO a liberal plan of improvements OF
that character. The region lying be-
/, tween Minneapolis and st. Paul i'll the
line of the liver, heretofore known as
Reserve town, is regarded as a territory
to which there is an assured future that
is very bright with promise. There
viii not be much done in the way of
building and improving i'll this territory
until some system of transportation
opens up through that region which
will give facilities for parties to go to
and from their homes quickly in each of
the cities. When that is done there
will be 4 great number of buildings
erected along the lines of st. Clair
street, Randolph street, Smelling ave-
nue., Cleveland avenue and other beau
tiful drives out in that direction.
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The search for houses, flats or rooms,
even business blocks, continues, and
many parties who have abandoned the
idea of securing small houses are now
seeking accommodations in the busi-
ness blocks in the city, and propose to
remain in such accommodations as they
can secure until they can obtain houses
into which to move their families.
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The st. Paul real estate board contin-
ues its daily sessions. and many of the
members feel it juStitieS keeping up and
enlarging the organization. If business
is a little quiet now it affords oprortu-
nifty for Strengthening up unfinished
business and preparing for the volume
of trade which will be very large an
other season, if it is not during the COM
ing winter.
The plans are being matured for nu-
merOus improvements next year, or
rather are being planned out in a gen.
eral way without yet incurring the eX-
pense of an architects service.e Unless
ali indications fail, the building i'm
provementS of another season will equal,
if not surpass, the building improve
medts of the present year.
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The real estate dealers complain
good deal about their treatment by some
of our bankers. and state openly and
unreservedly that the officers of some
of these institutions are diScOuraging
people from coming to st. Paul to in
vest. One of the most reliable real es-
tate dealers in st. Paul, a gentleman
who owns good many thousand dollars
worth of real estate here, and who is
engaged in a large business in this city,
made the following statement yeSter-
day:
An Eastern client of mine, who already has
over S150,O00 invested in mortgages and in
real estate in the city of st. Paul, wrote me
that he had in contemplation large i'm
provement on one of his vacant lots near the
business center of the city. and stated that
between this and next spring several mort
cages will be paid off and different invest
ments of interest will be paid i'll, and that he
desired to accumulate this money for the
purpose of making valuable improvement
in st. Paul next season. He asked me to adj
wise him as to the solidity and safety of one
of the banks of the city. and stated conf
dentially that he thought of placing this
money, as it came in from time to time, in
that bank on certificates of deposit, which
would mature in time to use, in payment for
the block which he contemplated erecting. l
wrote my client that the bank was entirely
safe, that its business was conducted on con-
servative principles. and that all the banks
IL st. Paul were regarded as sound and were
managed on correct business principles.
This same agent was negotiating with
another Eastern party, who contemplated
buying very voluable lot in the center
of business and erecting thereon a costly
business block. This Eastern party has
in bank considerably over 100000 in
ready cash, and if he goes into the en-
terpriSe would not only transfer that
capital to st. Paul, but considerable adj
ditional capital of his own and of friends
who will act upon his advice in refer
ence to investments in st. Paul. The
negotiations have been pending for two
weeks, and the agent confidently eX-
pected to make a contract of sale of the
property, but the buyer had cooled off
and seemed reluctant to make an invest
ment. When closely questioned as to
his reason for stopping negotiations, he
stated frankly that he had made up his
mind to make the investment and would
have closed it during the week, but on
asking the advice of his banker, we'll
known and leading officer of one of our
most prominent banks, he was assured
that the property was too high, and was
advised not to invest dollar in st. Paul
real estate at present, and, having a
good deal of confidence in the man,
whose financial standing and reputation
are unquestiOned, he had concluded not
to make the investment at present, but
to visit our neighboring city, Minneapo-
lis, and see what the feeling was in that
city in reference to real estate. He had
already visited Kansas City, Los Ange-
les, San Diego and Wichita. In all
these towns the bankers assured him
that property was cheap and that he
could not go amiss in making aninvest-
ment, although he says, as compared
with st. Paul, property is more than
double in price, considering the size of
the cities and their future prospects.
The result undoubtedly will be that this
gentleman will find abundant advice to
invest his 100000 in ready cash in the
business property of our sister city, and
twill take S500,000 to the other end of
the city that ought to be invested in this
end of it.
This transaction, this gentleman de-
clares, is being duplicated almost every
month. The real estate agents are be-
ginning to feel somewhat sore in refer
ence to the attitude of some of the lead
ing bankers in reference to real prop
erty. They claim that the real estate
men have induced the investment of
millions of dollars in st. Paul within
the past five years. have encour-
aged by actual payment of bonuses
the starting of large number of
factories, have brought to the city
greatly increased population, and that
they as class hyve done fully as much,
if not more, than any other class of our
citizens to advertise the advantages of
st. Paul, and to contribute to its present
prosperity and growth. The real estate
a direct benefit by way of deposits and
business that comes by the addition of
population and capital, and yet they say
several of the bankers are constantly
using their influence to deter men from
Investing in real property in this city.
Whey also assert that when money is
close and there is demand for accom-